Clearway Energy Reports 2024 Financial Results with $63 Million Net Loss and Increased Dividend

Clearway Energy, Inc. Reports Full Year 2024 Financial Results

PRINCETON, N.J., Feb. 24, 2025 (GLOBE NEWSWIRE) — Clearway Energy, Inc. (NYSE: CWEN, CWEN.A) has announced its financial results for the full year 2024, reporting a net loss of $63 million, Adjusted EBITDA of $1,146 million, cash from operating activities of $770 million, and cash available for distribution (CAFD) of $425 million.

“Clearway’s full year 2024 results exceeded expectations, showcasing outstanding performance across all technologies within our diverse operating fleet. Since our last earnings call, we have made significant progress toward achieving our long-term financial objectives through various growth pathways, including finalized dropdown commitments, targeted third-party asset acquisitions, initiating a new wave of project repowerings, and enhancing our fleet’s cash flows through beneficial new contracts. With our proactive planning and clearly defined growth strategy, we are well-positioned to meet our goal of delivering a CAFD per share of $2.40 to $2.60 by 2027, along with our long-term financial targets beyond that year,” stated Craig Cornelius, Chief Executive Officer of Clearway Energy, Inc.

Adjusted EBITDA and CAFD referenced in this press release are non-GAAP measures, further detailed under the “Non-GAAP Financial Information” section below.

Overview of Financial and Operating Results

Segment Results

Table 1: Net Income/(Loss) ($ millions)

1 Flexible Generation was formerly known as the Conventional Segment.

Table 2: Adjusted EBITDA ($ millions)

Table 3: Cash from Operating Activities and Cash Available for Distribution (CAFD)

In the fourth quarter of 2024, the Company reported a net loss of $48 million, Adjusted EBITDA of $228 million, cash from operating activities of $192 million, and CAFD of $40 million. The decrease in net loss compared to 2023 primarily stemmed from changes in mark-to-market for interest rate swaps. The increase in Adjusted EBITDA for the fourth quarter was mainly due to contributions from growth investments. However, CAFD results for the fourth quarter were lower than in 2023 primarily due to timing related to the sale of PTCs and vendor payments for equipment.

For the full year 2024, the Company reported a net loss of $63 million, Adjusted EBITDA of $1,146 million, cash from operating activities of $770 million, and CAFD of $425 million. The increase in net loss compared to 2023 was mainly attributed to higher depreciation and amortization from growth investments and mark-to-market changes for economic hedges. The higher Adjusted EBITDA results were due to lower renewable production in the prior year and contributions from growth investments, despite the expiration of certain tolling agreements in the Flexible Generation fleet.

Operational Performance

Table 4: Selected Operating Results (MWh in thousands)

In the fourth quarter of 2024, availability in the Flexible Generation segment was lower than in the same quarter of 2023, primarily due to outages at certain facilities. Generation in the Renewables segment during this period increased by 24% compared to the previous year, attributed to growth investments and improved wind resources in specific areas of the fleet.

Liquidity and Capital Resources

Table 5: Liquidity ($ millions)

As of December 31, 2024, total liquidity was $1,330 million, down $175 million from the same period in 2023, primarily due to the execution of growth investments. The Company’s liquidity included $401 million of restricted cash, mainly earmarked for specific debt obligations and project-related expenses.

Growth Investments and Commercial Agreements

Mt. Storm Repowering
On February 12, 2025, the Company entered into agreements with Clearway Group to repower the Mt. Storm Wind project in West Virginia. Once commercial operations are achieved in 2027, the project is expected to sell power under a 20-year power purchase agreement. The Company plans to invest approximately $220-230 million in long-term corporate capital, subject to adjustments and development milestones. This repowering is projected to contribute an average annual CAFD of about $26-28 million starting January 1, 2028.

Resource Adequacy Agreements at El Segundo
In early 2025, the Company contracted to sell approximately 272 MW of Resource Adequacy from El Segundo, commencing in August 2026 and continuing through December 2029. El Segundo is now contracted for nearly 100% of its capacity through 2027, aligning with the budgetary assumptions for the Company’s 2027 CAFD per share target.

Wildorado PPA Amendment
On December 13, 2024, the Company amended a power purchase agreement for the Wildorado wind facility with an investment-grade utility, extending the contract through March 2030.

Tuolumne Wind Acquisition
On November 25, 2024, the Company entered into an agreement to acquire Tuolumne Wind, a 137 MW asset in Washington. The project has a 15-year power purchase agreement with Turlock Irrigation District, and the Company’s capital commitment for the acquisition is expected to be around $70-75 million, contributing approximately $9 million in average annual CAFD beginning January 1, 2026.

Honeycomb Phase 1
On December 20, 2024, the Company agreed to invest in the Honeycomb Portfolio, which includes four battery energy storage systems in Utah, for around $78 million. This investment is backed by 20-year tolling agreements with an investment-grade utility, contributing approximately $10 million in average annual CAFD starting January 1, 2027.

Quarterly Dividend

On February 17, 2025, Clearway Energy’s Board of Directors declared a quarterly dividend of $0.4312 per share for Class A and Class C common stock, payable on March 17, 2025, to shareholders of record as of March 3, 2025.

Seasonality

Clearway Energy’s quarterly results are influenced by seasonal factors and weather variability. Most revenues are generated from May through September, coinciding with peak contracted pricing and renewable resources. Factors affecting net income, Adjusted EBITDA, cash from operating activities, and CAFD include:

• Higher summer capacity and energy prices from flexible generation assets
• Increased solar and wind resources in warmer months
• Debt service payments
• Timing of maintenance capital expenditures and outages

The Company carefully considers these factors to ensure sufficient funds are available for distributions and operational activities.

Financial Guidance

The Company is reaffirming its 2025 full-year CAFD guidance range of $400 million to $440 million. This midpoint is based on median renewable energy production estimates for the full year, while the range reflects potential resource and performance outcomes.

Earnings Conference Call

On February 24, 2025, Clearway Energy, Inc. will host a conference call at 5:00 p.m. Eastern Time to discuss these results. Interested parties can access the live webcast and accompanying presentation materials on Clearway Energy’s website.

About Clearway Energy, Inc.

Clearway Energy, Inc. is one of the largest owners of clean energy generation assets in the U.S., leading the transition to a clean energy-powered world. Our portfolio comprises approximately 11.8 GW of gross capacity across 26 states, including around 9 GW of wind, solar, and battery energy storage systems, and approximately 2.8 GW of conventional dispatchable power capacity.

Clearway Energy, Inc.’s Class C and Class A common stock are traded on the New York Stock Exchange under the symbols CWEN and CWEN.A, respectively. For more information, visit investor.clearwayenergy.com.

Safe Harbor Disclosure

This news release contains forward-looking statements subject to risks and uncertainties. Actual results may vary materially due to numerous factors, including the Company’s ability to maintain and grow dividends, successfully acquire assets, and manage operational efficiency. Clearway Energy, Inc. undertakes no obligation to update forward-looking statements and encourages readers to consider the associated risks detailed in its filings with the Securities and Exchange Commission.

For more details, please refer to the contact information provided for investors and media inquiries.